What is Faster Payments?
With 3S Money, receiving payments within the UK is free of charge, while sending them costs just 60p (Faster Payments enables you to send and receive payments of up to £1,000,000 with all UK banks).
This makes it ideal for UK-only transactions as it can process payments extremely quickly. Discover more about Faster Payments below.
Is Faster Payments the same as SWIFT?
In principle, Faster Payments facilitates the same process as SWIFT but is strictly for transactions within the UK that use GBP.
Is Faster Payments the same as SEPA?
Like with SWIFT, SEPA has similarities in purpose to Faster Payments but the specifics are different.
SEPA is for payments only in EUR and only between countries signed up the agreement, which includes:
All of the European Union
The European Free Trade Association members
Microstates like Monaco and The Vatican that have special arrangements with the EU
SEPA was set-up to make cross-border payments within the EU similar to domestic money transfers within the border of one country.
If your business is only transacting in EUR within countries signed up to SEPA we use it to facilitate payments quickly, efficiently, and securely.
We have more information on SEPA here.
The main benefit of using Faster Payments can be found in the name: it's fast!
In terms of transaction monitoring and compliance clearance, Faster Payments makes payments made in GBP within the UK as fast as they can possibly be.